Bill Text: NY S02566 | 2011-2012 | General Assembly | Introduced

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Bill Title: Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-25 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S02566 Detail]

Download: New_York-2011-S02566-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2566
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 25, 2011
                                      ___________
       Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to clarifying the exemption for
         cooperative housing corporations where there is no change  in  benefi-
         cial ownership
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 6 of subdivision (b) of section 1405 of  the  tax
    2  law, as amended by chapter 61 of the laws of 1989, is amended to read as
    3  follows:
    4    6.  Conveyances  to  effectuate  a  mere change of identity or form of
    5  ownership or organization where there is no change in beneficial  owner-
    6  ship, other than conveyances to a cooperative housing corporation of the
    7  real   property   comprising  the  cooperative  dwelling  or  dwellings,
    8  PROVIDED, HOWEVER, THE CONVEYANCE OF SHARES  OF  A  COOPERATIVE  HOUSING
    9  CORPORATION TO PARTICIPATING SHAREHOLDERS AS PART OF A VOLUNTARY DISSOL-
   10  UTION  UNDER  THE  PRIVATE HOUSING FINANCE LAW IN WHICH SUCH DISSOLUTION
   11  EFFECTS ONLY A MERE CHANGE IN THE IDENTITY OR FORM OF OWNERSHIP OF  SUCH
   12  CORPORATION SHALL BE INCLUDED IN THIS EXEMPTION;
   13    S 2. This act shall take effect immediately, and shall be deemed to be
   14  in effect for applicable conveyances occurring on or before such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06397-01-1